OLYMPIA, WA (MyBellinghamNow.com) – Gov. Bob Ferguson has signed the so-called “Millionaire’s Tax” into law this morning (Mon).

It will institute a 9.9% tax on households that make $1 million a year or more.

The law would take effect at the start of 2028, with initial tax payments due by April 2029.

Ahead of signing the bill, Gov. Ferguson noted the regressive tax policy in the state and how legislators have looked to right that, adding a pointed finger at the federal government…

“It’s also fair to say that this disparity was made much worse by President Trump’s massive tax cuts for the wealthy paid for, by the way, with cuts to necessities like healthcare and food assistance that have tremendous harm for the people of Washington state,” the governor said.

Gov. Ferguson and lawmakers have said that the law would impact a fraction of a percent of Washington residents.

Critics argue that the bill’s passage could open the doors for a broader income tax for the rest of the state.

Let’s Go Washington’s Brian Heywood said the organization is filing a referendum to repeal the tax, despite a clause in the bill’s language that protects it from referenda.